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Key Support levels: $0.75

Key Resistance levels: $0.85, $0.91

ADA has returned to the key support at $0.75, which was last tested on February 24th. After a prolonged correction that happened over the course of a month, ADA appears to be giving some initial signs that it can reverse its downtrend. The first thing to consider would be if the price breaks above $0.85.

ADAUSDT_2022-05-03_13-00-54
Chart by TradingView

Technical Indicators

Trading Volume: The volume remains somewhat flat and balanced between bulls and bears, showing an equilibrium. This may form a good base for a possible reversal.

RSI: The daily RSI fell under 30 points at the end of April and quickly left the oversold area by making a higher low. If this trend continues, then buyers will have additional reasons to push prices higher.

MACD: The daily MACD remains bearish. However, it is making a bullish divergence on the histogram, and a positive flip becomes more likely if ADA can break the key resistance.

Chart by TradingView

Bias

The bias for ADA is neutral. A break of the resistance at $0.85 would turn the bias bullish.

Short-Term Prediction for ADA Price

ADA has a real chance at a relief rally based on the price action and indicators. If Bitcoin stops the correction, which has pulled altcoins down as well, then ADA may be able to break above $0.85 in the coming week.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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